Bridgecorp Pleased With Dorchester Pacific Stake

MEDIA RELEASE
August 16, 2004

Bridgecorp Pleased With Dorchester Pacific Stake

Bridgecorp Holdings managing director, Rodney Petricevic says his company’s purchase of a 19.99% stake in Dorchester Pacific is a strategic investment prompted in part by the proliferation of finance companies in New Zealand.

“It’s highly likely that the industry will undergo rationalisation in the future” he said “and we can see advantages in being part of a larger and more diversified grouping”.

“We’re very pleased with the end result. Dorchester has an excellent track record of growth and profitability with strong management and a first class profile with the investing public”.

Bridgecorp is an Australasian group operating as a specialist property financier. It’s local subsidiary is ranked New Zealand’s 6th largest finance company in the latest KPMG Financial Institutions Performance Survey.

Dorchester Pacific’s business is complementary to Bridgecorp’s focusing on consumer and vehicle finance, share-broking and insurance services through a nationwide network of offices. “it’s a very good mix,” said Mr Petricevic “ the companies operate in generally different areas of both the funding and the lending markets”.

Mr Petricevic added that it is business as usual for both companies, “ it’s early days and we have not yet had an opportunity to meet with the Dorchester directors to determine how our two organisations can work together in the future”

ENDS

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